Algeria to invest $3.48 bn on new gas pipelines

 Sonatrach, an energy company in Algeria, will invest $3.48 billion in establishing new gas pipelines throughout the country to improve capacity of existing pipeline network, its interim CEO said in a conference on gas industry held in the western province of Oran.   He added that the new gas pipelines under construction will be ready by July 2016, and will help deliver some 20 billion cubic meters annually.   The country has four main gas pipelines near the fields.... Read more »

Posted on : Wednesday , 15th October 2014

Nigeria: World Bank Tasks FG to Raise Excess Crude Account to U.S.$6.3 Billion

 The World Bank has advised the federal government to increase its fiscal buffers by raising the excess crude account (ECA) to $6.3 billion.   Finance Minister, Dr. Ngozi Okonjo-Iweala, disclosed this in Washington DC, saying the World Bank tasked the Federal Government on the need to increase its fiscal buffers by building external reserves to about $6.3 billion, up from the present level of $4.1 billion.   Speaking to Nigerian journalists at the end of the 2014.... Read more »

Posted on : Wednesday , 15th October 2014

Nearly 3% of output vulnerable if oil falls to $80 – IEA

    Nearly 3% of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency said.   The estimate was included in a monthly report in which the IEA also cut its forecasts for oil demand and said prices may drop further. A tumble in the price from the year's high above $115 per barrel to below $90 has focused investors and oil companies once.... Read more »

Posted on : Wednesday , 15th October 2014

Spectrum, OMNIS sign new seismic brokerage agreement in Madagascar OCTOBER 10, 2014 BY SAMUEL KAMAU MBOTE

Spectrum and OMNIS in Madagascar have signed an agreement where Spectrum assumes exclusive brokerage rights to the majority of the vintage seismic data located both offshore and onshore Madagascar.   The various datasets total over 69,000 km. The Agreement also grants Spectrum the right to reprocess any of the seismic datasets and to license these to interested oil companies on a Multi-Client basis.   The data complements Spectrum’s existing library in the region.... Read more »

Posted on : Wednesday , 15th October 2014

Solo Oil acquires interest in Kiliwani North Gas Field, Tanzania

 Solo Oil plc has announced that it has signed binding heads of agreement to acquire an initial 6.5%  interest in the soon to be producing Kiliwani North Development License in Tanzania from Ndovu Resources Ltd. for a total consideration of US$3.5 million (“Initial Acquisition”).   Solo also has a 45 day option to increase its interest in the KNDL by a further 6.5% to 13% (“Second Acquisition”).   The KNDL contains the Kiliwani North 1.... Read more »

Posted on : Wednesday , 15th October 2014

Algeria announced its intention to move forward with exploration plans in the North of the country

  Algeria announced its intention to move forward with exploration plans in the North of the country, also adding it plans to begin shale gas production by 2022. "We have a great hydrocarbon exploration potential in the country's North and we seek to encourage energy investment through partnership," Energy Minister Youcef Yousfi said on Sunday as reported by Algeria Press Service. Yousfi made clear that Algeri will try to promote a modernisation of the current.... Read more »

Posted on : Wednesday , 15th October 2014

Statoil and co-venturer Exxon Mobil today announced that the Giligiliani-1 exploration well has resulted in a new natural gas discovery.

 Statoil and co-venturer Exxon Mobil today announced that the Giligiliani-1 exploration well has resulted in a new natural gas discovery offshore Tanzania. The discovery of an additional 1.2 trillion cubic feet (tcf*) of natural gas in place in the Giligiliani-1 well brings the total of in-place volumes up to approximately 21 tcf in block 2.The Giligiliani-1 discovery is located along the western side of block 2 at a 2,500-metre water depth. The new gas discovery was made in.... Read more »

Posted on : Wednesday , 15th October 2014

Coca-Cola launches PET recycling scheme in Kenya

According to the East African, the company launched its drive to have more of the country's used polyethylene terephthalate (PET) recycled, in collaboration with bottle maker Safepak and the Highlands Mineral Water Company. The three organisations aim to be recycling 70 per cent of the plastic containers they release to consumers by 2015. Bob Okello, public affairs manager for Coca-Cola East and Central Africa, told the news provider that it was time for businesses to be seen doing.... Read more »

Posted on : Wednesday , 15th October 2014

Drilling rig for 200,000bpd Egina oilfield sails to Nigeria

 A drilling rig, christened ‘West Jupiter,’ which will be used for the drilling of all the oil wells at the 200,000 barrels per day Egina deepwater oilfield, being developed by Total Upstream Companies in Nigeria has sailed away from South Korea, thus demonstrating another milestone in the development of the $3.5 billion Egina project reports This Day.   Speaking during the ground – breaking ceremony of the fabrication yard for local integration of the.... Read more »

Posted on : Friday , 10th October 2014

Shell Logo Shell Sells OML 29

 Oil major, Royal Dutch Shell has agreed to sell the prolific Oil Mining Lease (OML) 29 to a consortium led by oil-trading firms Aiteo and Taleveras Group in a deal in which the consortium will pay $2.58 billion for the block and an associated pipeline according to This Day.   Shell had indicated its plan to sell four of its onshore oil blocks – OMLs 18, 24, 25 and 29 – in addition to Nembe Creek Trunkline, which for years have been plagued by leaks stemming.... Read more »

Posted on : Friday , 10th October 2014

Refining capacity in Nigeria, lower than other African countries – Report

 Nigeria, despite its status as Africa’s top crude oil producer and exporter, continues to trail other African countries such as Algeria, Egypt, Libya and South Africa in terms of refining capacity reports The Punch.   The World Oil and Gas Review 2014, released this week, shows Egypt as having the highest primary refining capacity in 2013 among the five countries, followed by Algeria and South Africa.   Primary capacity in Egypt was put at 840,000 barrels per.... Read more »

Posted on : Friday , 10th October 2014

Made-in-Nigeria Hyundai Cars Hit Market

Hyundai Motors Nigeria Limited has started phased delivery of low priced made-in-Nigeria cars assembled at the company's plant in Lagos to its provisional dealers nationwideThis is coming barely three months after Stallion Group owners of the multivehicle plant roll-out made-in-Nigeria Nissan range of vehicles in April.The Chairman of Stallion Group, Mr. Sunil Vaswani who broke the news recently said the new vehicles "will be affordably priced" in other to give Nigerians a.... Read more »

Posted on : Thursday , 9th October 2014